Chile Quake Claims Hit $1.4bn

Lloyd’s, the UK-based specialist insurance market, says it estimates net claims before tax from the earthquake in Chile to be in the order of $1.4bn. It says the amount is consistent with the upper range of industry insured loss estimates and draws on market share analysis, modeling, and a review of contracts in force as well as early estimates from each insurance underwriting syndicate. Lloyd’s adds that actual ultimate net claims may vary from the preliminary estimate. “The claims relating to the Chilean earthquake will evolve for some time,” says Lloyd’s CEO Richard Ward. The final amount will depend on several factors, including terms on individual policies.